Uber CEO Travis Kalanick Resigns After Investor Demands

Ellis Wolfe

The investors' letter to Kalanick also demanded he support a board-led search for a new CEO and that the company immediately hire an experienced chief financial officer. The investors sent Kalanick a letter titled "Moving Uber Forward" that urged him to leave the company as they believe it's in need of a change in leadership.

Uber CEOTravis Kalanick gestures as he addresses a gathering during a conference of start-up businesses in New Delhi, January 16, 2016. Also, federal authorities are investigating Uber's use of a phony app that thwarted efforts by city inspectors to see if the company was operating illegally. Former Ford CEO Alan Mulally is well known for turning around that struggling automaker, and he has tech experience from serving on the board at Google.

Last week, Uber released an internal investigation report by law firm Covington & Burling LLP that recommends some dramatic changes in its work ethics, company values, policies around harassment and employee diversity.

"This is a bold decision and a sign of his devotion and love for Uber", a statement form Uber said. "It's going to be a challenge for Uber", he said. Kalanick will remain on the board.

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Susan Fowler, a former site reliability engineer, levelled numerous allegations of sexism against her former superiors in a lengthy blog post. Uber has also lost executives from its product, engineering, mapping, communications, business, finance and self-driving units.

His own issues came to a head in March after a video surfaced showing him in an angry pay row with an Uber driver.

In total, they have about 40% of Uber's voting power.

His authority is not atypical in Silicon Valley, where investors often give founders great autonomy, and Uber's board frequently voiced support of Kalanick despite mounting problems.

She repeated that position on Friday in an interview with Reuters by saying Kalanick's leave of absence was exclusively his decision.

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